GSP Crop Science’s IPO opens on Mar 16

New Delhi: Agrochemical Company GSP Crop Science Ltd on Thursday said its Rs 400 crore initial share sale will open for public subscription on March 16.

The price band has been fixed at Rs 304-320 per share for the IPO, valuing the company at Rs 1,489 crore at the higher end.

The Ahmedabad-based company’s Initial Public Offering (IPO) consists of a fresh issue of shares worth Rs 240 crore and an Offer For Sale (OFS) of 50 lakh equity shares valued Rs 160 crore at the upper end, by promoters. This aggregates the total issue size to Rs 400 crore.

Proceeds from the fresh issue, totaling Rs 170 crore will be used for debt payment, and a portion will be utilised for general corporate purposes.

The company’s maiden public offering will conclude on March 18, while the bidding for anchor investors will take place on March 13, it announced. The agrochemical firm will make its stock market debut on March 24.

GSP Crop Science is a research-focused agrochemical company with over 39 years of expertise in developing and manufacturing insecticides, herbicides, fungicides, and plant growth regulators in India.